New 1,600-foot tower approval process begins in NYC

A new 1,600-foot tower at 350 Park Avenue is set to begin the city approval process on March 17. The project, led by Vornado Realty Trust, Rudin, and Ken Griffin's Citadel, aims to increase the building's size under current zoning laws. The tower will feature 1.8 million square feet of space, with Citadel as the anchor tenant. The development will include public amenities like a large plaza and dining options, funded by purchasing air rights and contributing to a public improvement fund. The project is expected to cost $4.5 billion and will replace older buildings. The design includes features for natural light and outdoor access. The approval process involves several city agencies, starting with a review by the Manhattan Community Board.